Are You Doing Business?

I’ve written several blog posts and articles about the importance of consistently working your business. Some of us think we are working a business, but in reality the actual time and energy we are giving our “business” amounts to having a hobby. I call it the hobby vs. “real” business syndrome. It’s time to seriously ask yourself if you are doing business.

What is a general definition of doing business? An activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit. Of course, there is more to the definition but generally, you’re doing business if your activities and intention is to earn money and make a profit.

Take a few minutes to go through this checklist and make an honest determination if you are “doing business.

_____ I have a dedicated workspace set up for my business.

_____ I have the supplies and equipment needed to run my business.

_____ I have written a vision and mission statement for my business.

_____ I have written out short and long term goals for my business.

_____ I have a plan of action for growing a moneymaking business.

_____ I have set aside sufficient hours a week for working my business successfully.

_____ I have dedicated work hours for working on moneymaking activities.

_____ I have set up a bookkeeping system to handle my business finances.

_____ I have researched and selected my target market.

_____ I have developed a marketing plan to promote my business.

_____ I have a clear vision of how I am going to make money with my business.

_____ I commit to working on my moneymaking activities ________ hours per week.

_____ I have made a list of my top five moneymaking activities and am committed to working them first, before I work on anything else.

_____ I have systems in place to check and monitor the progress of my business.

_____ I am confident I can describe my business in under 1 minute.

_____ I consistently promote my business in person and online.

_____ My family and friends respect and honor my work hours.

_____ I am determined to succeed and thrive in my business!

My philosophy is: You can work your business full time, you can work your business part time but cannot work your business sometime and expect to make consistent money.

If you are not making the amount of money you want to be making, it is time to do some serious soul-searching. Are you treating your business like a hobby or a business? You may want to make money, but are your day-to-day activities providing the momentum you need to generate income? Is it time to check the level of the emotional, physical and financial commitment you’ve consciously and unconsciously been making to your business?

Here’s the moneymaking question: Would an outsider looking at your business say it is being carried on with the reasonable expectation of earning a profit?